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Infy posted bad results and corrected sharply as a reaction to the news. But can this be a classic opportunity to accumulate Infy for a rally close to all time highs if not above them. Well if EWP patterns are to be believed then we have a glimmer of hope that we might see the stalwart of D street back to its full glory, before the gory bear market takes its tall on it.
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What I see on the charts is that from Jan - Aug 2011 we saw a 3 wave fall in wave (A) of an irregular flat correction. Then we have rallied 3 months close to 2970 levels. From this level we have completed a flat correction where wave C was effected by the bad guidance Infy posted for 2012. But looking at the chart we don't see how 2012 can be bad for Infy, if the recent lows around 2555 is protected then we may see a rally moving sharply up when markets are positive but with shallow corrections when the market is not doing too well. Is this really possible, well if we really believe what we see, then it is. But Bolton found it difficult to believe what he saw, then we cannot pressure ourselves too much, can we? :)
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